Every month, IRA expert Ed Slott is taking your questions about Individual Retirement Accounts on AARP:
How will the coronavirus bill deal with required minimum distributions? What advantages/disadvantages are there in skipping a year's RMDs? -J.W.
Among the numerous provisions of the massive aid package, the Coronavirus Aid, Relief, and Economic Security Act or CARES Act, are waivers for 2020 required minimum distributions (RMDs).
Waiver of RMDs — How the new rules will work
We saw this in 2009, and now here again Congress has provided relief by allowing all RMDs due in 2020 to be waived. You don't have to take them, which in turn will reduce your 2020 tax bill.
Who can qualify?